GEMS extends maturity of ACE loan
Monday, November 16 2015 - 03:01 AM WIB
IDX-listed coal mining company PT Golden Energy Mines Tbk (GEMS), which is controlled by the Sinar Mas Group, said it has extended the maturity of a loan facility provided to affiliated firm Asia Coal Energy Ventures Ltd (ACE).
?On September 21, 2015, both sides agreed to extend the maturity period of the loan for another three months,? GEMS said in a statement last week.
GEMS and ACE signed on July 2 of this year a US$30 million loan facility with ACE to help finance the latter?s acquisition of LSE-listed mining firm Asia Resource Minerals plc (ARMS), which controls IDX-listed coal firm PT Berau Coal Energy Tbk.
The three-month loan facility, extendable to up to six months, carries interest rate of 10 percent plus LIBOR.
Editing by Reiner Simanjuntak